'We need to remain open to global talent and attract foreign investments'
Foreign-owned firms employ a "disproportionately higher share" of the resident workforce in Singapore, including those in higher-paying roles, according to the latest Labour Market Report.
Only 20% of firms operating in Singapore are foreign-owned, while the remaining 80% are locally owned businesses.
Despite this, these foreign-owned firms employ nearly one-third of Singaporean residents, according to the report. They also employ 60% of residents who earn a gross monthly income of more than $12,500.
"In terms of employment creation, foreign-owned firms employ a disproportionately higher share of the resident workforce, as well as residents in higher-paying jobs, even though they make up a much smaller proportion of firms in Singapore," the Labour Market Report read.
Source: Labour Market Report - Second Quarter 2024
Remaining open to foreign investments
The findings come amid previous fears that non-residents are taking jobs away from Singaporeans after a massive growth of non-resident employment in the previous months.
In the second quarter of 2024, the total employment growth in Singapore was solely attributed to the increase in non-resident employment.
But the Labour Market Report showed that this increase in non-resident employment was driven by the growth of low-skilled jobs that Singaporean residents "are not keen on," the report said.
On the other hand, the report showed that residents in Singapore are holding higher-paying jobs that are being offered by foreign organisations.
"To complement our resident workforce growth and continue to create good jobs for Singaporeans, we need to remain open to global talent and attract foreign investments," the report stated.
